Blackstone exits first property in China
The Blackstone Group has sold its first property in China, exiting its 95% stake in Shanghai’s Channel 1 shopping mall to Hong Kong-based real estate group New World Development for RMB1.46 billion ($229 million). The deal is scheduled to close in early November.
The private equity firm stands to make a healthy return on its investment, having bought Channel 1 from VXL Capital for approximately RMB1 billion in November 2008 on a turn-key basis. The 42,000-square-meter...
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